Ski-Doo Maker BRP Jumps 16% in TSX Trading Debut: Montreal Mover

BRP (BRP) Inc., maker of snowmobiles and
three-wheeled motorcycles, soared 16 percent from its initial
offering price in its first day of trading in the Toronto Stock
Exchange.

BRP rose to C$25, compared with an IPO price of C$21.50 at
4 p.m. in Toronto. The Valcourt, Quebec-based firm fell 1
percent from the last close of C$25.25 after five days of
trading on an if-and-when-issued basis.

BRP sold 12.2 million subordinate voting shares for gross
proceeds of about C$262.3 million ($253.1 million), the company
said in a release today. The cash will be used to pay down debt.

There is also an overallotment option for an additional
1.83 million shares to be sold at C$21.50, for additional
proceeds of C$39.3 million.

The company makes sports and recreational vehicles
including Ski-Doo snowmobiles, Sea-Doo watercraft, and Spyder
three-wheeled motorcycles.

Bank of Montreal led a group of bankers managing the IPO
including Royal Bank of Canada, UBS Securities Canada Inc. and
Citigroup Global Markets Canada Inc.